Louis Chenevert left a renowned legacy in the world of aerospace technologies. People whisper his name. Gurus seek him. All of this was made possible by the success he found in the United Technologies Corporation.
Chenevert was able to accomplish his goal by faithfully doing several things.
The first thing that Chenevert did to bring success to his company was to invest time in his workers. The worker is the back bone of any company. It does not matter how good the leader is. If the workers can’t do their job effectively, the company will sink. Chenevert once had a problem with a plant that was not producing as well as it once did. After discovering that the cause was a group of engineers, Chenevert did what no other CEO would do. He began to train them again and moved them to a plant that better met their skills.
The second thing he did to raise the stocks was to purchase several competing companies in order to grow United Technologies Corporation’s portfolio. These two acquisitions were Otis and Goodrich. Both these were powerful game changers for United Technologies Corporation. Otis was the longest elevator company in history and Goodrich cost a hefty $16.3 billion. These two things put United Technologies Corporation, and Chenevert, on the map.
In reward for his good work, Chenevert was given an honorary doctorate from HEC of Montreal. He would also be named Person of the Year by several magazines and then be hired by Goldman Sachs to come on as a consultant in the production managers sector after stepping down from UTC in 2014.
After looking at this history, no one should be confused on why they call Chenevert a legend.